A PG&E transmission line during the Camp fire. Photo: Karl Mondon/Digital First Media/The Mercury News via Getty Images

Ratings agency S&P Global cut California utility company Pacific Gas and Electric (PG&E) to "junk" status Tuesday morning and also shifted its Pacific Power and Gas subsidiary to "B" from "BBB-," the lowest tier of investment-grade ratings, Reuters reports.

The big picture: S&P said it would keep PG&E under review for a further downgrade, saying the company faces increasing political and regulatory pressure amid growing claims stemming from its possible role in deadly wildfires across the state and a growing debt pile that looms large as the company's stock price has fallen.

Go deeper: The rise of UltraJunk bonds

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Trump's 2 chilling debate warnings

Photo: Morry Gash/Pool via Getty Images

One of the few groups in America with anything to celebrate after last night's loud, ugly, rowdy presidential "debate" was the violent, far-right Proud Boys, after President Trump pointedly refused to condemn white supremacist groups.

Why it matters: This was a for-the-history-books moment in a debate that was mostly headache-inducing noise. Trump failed to condemn racist groups after four months when millions marched for racial justice in the country's largest wave of activism in half a century.

Ina Fried, author of Login
52 mins ago - Technology

Candidates go online to cut through debate noise

Photo: Saul Loeb/AFP via Getty Images

While President Trump and Joe Biden fought to be heard in a rowdy debate Tuesday, both campaigns sought to draw digital battle lines and occupy online turf they could have all to themselves.

The big picture: Trump's impulsive Twitter style made a shambles of the debate format, but online the candidates were able to find niches where they couldn't be interrupted — and could motivate their supporters to donate, organize and turn out to vote.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Shell plans up to 9,000 job cuts by 2022

A Shell station in Brazil. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell will shed up to 9,000 jobs as it undergoes a long-term restructuring around climate-friendly energy sources and continues to grapple with the coronavirus pandemic that has battered the oil industry.

Why it matters: The cuts could amount to over 10% of the company's global workforce, which was 83,000 at the end of 2019.